The analytics and automation company will use the proceeds from the IPO to support further growth and acquisitions.
Irish tech company Glantus has gone public in London.
It began trading on the AIM market of the London Stock Exchange earlier today (11 May). It raised £10m through an oversubscribed placing of new ordinary shares with investors at a price of £1.02 per share.
On admission to AIM, the company’s market cap was approximately £37m.
Glantus is an enterprise software provider specialising in automation and analytics for the accounts payable market.
The company is headquartered in Dublin and has offices in London and California. It announced earlier this year that it is establishing a new base in Northern Ireland, and it has been growing its international presence in recent years with acquisitions in the US and the UK.
Glantus has two principal operational divisions covering EMEA and the US, and its tech is used by more than 300 customers including Diageo and Abbott. In 2020, the company’s revenue grew by more than 150pc year-on-year to €8.5m.
Maurice Healy, founder and CEO of Glantus, said the IPO is an “important step” in the company’s development and will provide an “excellent platform” for expansion.
“Based on growth forecasts for the accounts payable automation market and an acceleration of digital business initiatives, we are extremely well placed to capitalise on the investment by companies in finance automation and analytics,” he added.
The company said that net proceeds from the IPO will provide equity finance to support its growth strategy by investing in account management, sales and marketing. It will also strengthen the company’s balance sheet so it can consider further acquisitions down the line.
Neil Shah, senior business development manager at the London Stock Exchange, said that he is delighted to see a Dublin-headquartered business join AIM.
“Glantus’ successful float underlines the London markets’ support for fintech businesses to help them build and scale,” Shah added. “Glantus represents the fourth high-growth fintech company to go public in London this year to date.”